Peter T. Leach | Jun 22, 2011 12:07PM EDT
Holt Logistics plans to build the largest rooftop solar installation in North America at its Gloucester Marine Terminal in New Jersey in partnership with SunPower.
The project involves installation of 1.1 million square feet of solar panels on the roof of the terminal’s refrigerated warehouse near the Walt Whitman Bridge on the Delaware River. Known as Riverside Renewable Energy, the $42 million, privately funded project calls for the installation of 27,528 photovoltaic rooftop solar panels that will generate nine megawatts of electricity, roughly enough to power 1,500 homes, at Gloucester Marine Terminal, which is owned by the Holt family.
The Riverside project will be nearly twice as large as any previous rooftop solar installation in New Jersey, which has emerged as a national leader in the development of renewable energy resources. Construction is under way and should be completed by fall.
When completed, the Riverside project will generate the equivalent of nearly 80 percent of the terminal’s power demand. According to estimates provided by the U.S. Environmental Protection Agency, the system is expected to offset more than 9,500 tons of carbon dioxide, approximately the same amount that would be offset by planting 400,000 trees or removing 1,700 cars from the road.
The Riverside project relies in part on the availability of federal Investment Tax Credits that supply tax incentives to spur the development of green energy sources systems nationwide, as well as the continued support of Solar Renewable Energy Credits created through the New Jersey Renewable Portfolio Standards.
Riverside will sell the renewable credits and environmental benefits associated with the system.
Holt is partnering in the Riverside project with SunPower, a global solar technology company that designs, manufactures and delivers solar panels and systems; Rabobank, a global bank and financier of renewable energy projects, which will lead the financing for the venture; and PSE&G, which will play a critical role in the interconnection of the project.
At the site, Sun Power is installing its T5 Solar Roof Tile system, the solar industry’s first non-penetrating rooftop product that combines a high-efficiency solar panel, frame and mounting system into a single, pre-engineered unit.
Contact Peter T. Leach at pleach@joc.com and follow him on Twitter @petertleach.